The Zellenetwork was created by Early Warning Services, an industry consortium whose owners have more than 86 million mobile banking customers. With other groups also having success and inroads in the U.S. in the P2P space, such as Square, Venmo, and Apple Pay, Zelle looks to threaten the status quo and solidify itself as the paramount service moving forward in the banking space.

The banks want to leap over those sleek but scattered offerings by connecting their critical mass of account holders through a single network.

Zelle will be available in the apps of USA financial institutions starting this week and over the next 12 months.

"Fragmentation has been frustrating for consumers".

A Zelle app will arrive at a later point, but Early Warning declined to say when beyond 'the coming months'. After the sender provides the email or phone number and amount, the recipient gets a notification that explains how they can can complete the payment.

Since existing options within bank apps only let you send money to people who have accounts with them, Zelle could make future transfers much easier. But they ultimately had no choice but to match the free price tag of money transfer startups. Once you have the service, you can pay your contacts using either their email address or phone number. A standalone Zelle app available through Mastercard and Visa is also set to come onstream later this year.

For instance, Chase will initially twin the brand with the QuickPay app its customers already use by showing "QuickPay with Zelle" on its mobile app and website.

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